Ann: Positive preliminary results for PRENUMBRA Instant in stroke, page-13

The past four weeks have seen unusually high volumes, including one of the biggest volume days in CUV's history, due to a large off-market order. When/if you eventually start buying, you'll likely find it isn't exactly easy to buy shares without moving the price quite significantly (assuming you are purchasing a decent volume of shares, as I have been doing). Often daily volumes are well below 100k, which also happened to be when the majority of the recent sell off has occurred. With the increased volumes recently (most days now well over 100k), this has coincided with a flattening of the share price, despite increased shorts, which suggests to me that buyers are beginning to move in, but we will have to see. The tightly held nature meant that shorters has an increased impact on the share price decline, but equally so will have a stronger impact when they are forced to cover. The major spikes of the past few years have been the result of individual hedge funds acquiring shares on market, if that provides a bit of an example of how hard it is for genuine buyers to actually get their hands on shares in this.

In terms of the register, you will find that the larger institutional holders have been accumulating shares. Many holders have also been in this for quite some time, the lack of capital raises has assisted with that, it is traded quite a bit by day traders and speculators though, which is perhaps why the price has become so detached from the fundamentals. I would suggest that most of the volumes you see being traded is largely the same parcel of shares being passed to and from various traders, as it certainly isn't easy to get a hold of this volume via on market purchases.